# Phase 1: Unified Panel Summary Statistics

| Variable             |     N |     Mean |      SD |      Min |      Max |
|:---------------------|------:|---------:|--------:|---------:|---------:|
| Z_1                  | 17775 |   -0.755 |   1.317 |   -3.983 |    3.639 |
| Z_2                  | 17775 |  -11.871 |  20.454 |  -60.887 |   71.552 |
| Z_3                  | 17775 | -170.213 | 291.742 | -850.346 | 1248.35  |
| ca_gdp               |  7624 |   -2.027 |  13.344 | -242.976 |  314.906 |
| govt_bond_10y        |  1018 |    5.727 |   3.85  |   -0.524 |   22.497 |
| gross_investment_gdp |  6620 |   23.609 |   8.53  |  -15.678 |   76.782 |
| fiscal_bal_gdp       |  6363 |   -2.239 |   5.512 |  -20.164 |   20.112 |
| safe_issuer          | 17775 |    0.051 |   0.22  |    0     |    1     |
| qe_active            | 17775 |    0.012 |   0.108 |    0     |    1     |
| eurozone             | 17775 |    0.023 |   0.151 |    0     |    1     |
| is_oecd              | 17775 |    0.16  |   0.367 |    0     |    1     |
| income_low           | 17775 |    0.266 |   0.442 |    0     |    1     |
| income_high          | 17775 |    0.266 |   0.442 |    0     |    1     |
| kaopen               |  7156 |    0.074 |   1.556 |   -1.939 |    2.281 |
| old_dep              | 17775 |    0.109 |   0.074 |    0.01  |    1.099 |

*Panel: 17775 obs, 237 countries, 1950-2024*
